Zacks Research Upgrades Newmont (NYSE:NEM) to “Strong-Buy”

Newmont (NYSE:NEM) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Canadian Imperial Bank of Commerce set a $175.00 price objective on Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. The Goldman Sachs Group dropped their target price on Newmont from $125.10 to $122.50 and set a “buy” rating for the company in a research report on Thursday, June 4th. Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $121.00 to $157.00 in a report on Friday, February 27th. Macquarie Infrastructure lowered their price target on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a report on Monday. Finally, Canaccord Genuity Group upped their target price on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.79.

Newmont Trading Up 2.5%

Shares of NYSE NEM opened at $108.46 on Monday. The business’s 50 day moving average is $110.66 and its two-hundred day moving average is $110.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont has a 1-year low of $55.37 and a 1-year high of $134.88. The stock has a market capitalization of $115.79 billion, a P/E ratio of 14.07, a PEG ratio of 1.75 and a beta of 0.42.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, research analysts expect that Newmont will post 9.91 EPS for the current year.

Insider Transactions at Newmont

In related news, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This represents a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,556 shares of company stock valued at $3,120,276 in the last quarter. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Hedge funds have recently made changes to their positions in the company. CWM LLC boosted its holdings in Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock valued at $20,259,000 after purchasing an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Newmont by 24.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after purchasing an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd boosted its holdings in Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after purchasing an additional 183,360 shares during the last quarter. Leonteq Securities AG purchased a new stake in Newmont in the fourth quarter valued at $9,018,000. Finally, Waverton Investment Management Ltd boosted its holdings in Newmont by 3.4% in the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company’s stock valued at $59,365,000 after purchasing an additional 23,139 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont announced key executive appointments, naming veteran insiders to the CFO, COO, and CTO roles starting July 1. Investors often view management continuity and promoting experienced leaders as a sign of operational stability and smoother execution. Newmont Announces Key Executive Appointments for the Next Phase of Delivery
• Positive Sentiment: Several recent commentaries highlighted Newmont as a value idea and a Zacks Rank #1 stock, which can boost investor interest and reinforce the bullish case for the shares. Best Value Stocks to Buy for June 16th
• Positive Sentiment: Gold-price optimism is helping sentiment around Newmont, with reports suggesting the recent gold pullback may be more of a reset than a trend reversal. As one of the largest gold miners, Newmont tends to benefit when investors expect gold to rebound. Gold’s Correction Looks More Like a Reset. Newmont and These 4 Stocks Are Buys.
• Neutral Sentiment: Analyst and media coverage continues to keep Newmont in focus, including pieces on whether the stock remains attractive versus peers like Agnico Eagle Mines. This keeps attention high, but does not by itself change fundamentals. NEM or AEM: Which Is the Better Value Stock Right Now?
• Negative Sentiment: One note of caution is that Macquarie trimmed its price target on Newmont, even while keeping an outperform rating. That kind of revision can temper enthusiasm if investors worry about near-term upside. Macquarie adjusts price target on Newmont

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.